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What Risks Covered by a Comprehensive Policy? |
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Although the Act Policy Form is identical for different classes of vehicles,
the Comprehensive Policy Form is not. For Private cars and Motor Cycles, there
are two Sections in the Comprehensive Policy. Section I concerns loss or damage
to the vehicle and covers the risks like:
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Fire, Explosion, Self-Ignition and Lightning.
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Burglary, Housebreaking and Theft.
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Riot, Strike, Malicious and Terrorism Damage.
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Earthquake. |
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Flood, Typhoon,
Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm. |
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Accidental External
Means. |
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Transit by road, rail, inland waterway, lift, elevator or air.
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For motor cycles and commercial vehicles,
the risk of Frost Damage is also covered.
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From the above coverage, for all classes of vehicles, the risks of Riot,
Strike, Malicious and Terrorism Damage, Earthquake and Flood and Storm; can be
opted out of with a consequent discount in premium.
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In addition to these, cover is also available for protection, removal costs and
authorization of repairs.
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Section II covers the liabilities towards
third parties, i.e. liabilities of bodily injuries and property damage.
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For Commercial Vehicles, however, an additional Section III covers the
vehicle while it is being used for the purpose of towing disabled vehicles.
This section covers third party liabilities that the insured vehicle or the one
being towed may incur as a result of an accident. This is provided the towed
vehicle is not towed for reward/remuneration. Further, the insurance company is
also not liable for damages to the towed vehicle or any property being conveyed
thereby.
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